New Delhi: The Supreme Court on Wednesday asked realty firm Jaiprakash Associates Ltd (JAL) to deposit an additional Rs1,000 crore with its Registry by 15 June for ensuring refund of money to the hassled home buyers.
On submission of this amount, the liquidation proceedings against Jaypee Infratech Ltd (JIL), a subsidiary of holding company JAL, shall remain stayed, a bench headed by Chief Justice Dipak Misra said.
The bench, which also comprised Justices A. M. Khanwilkar and D. Y. Chandrachud, said if there was any default in depositing the money by 15 June, the statutory proceedings against JIL, a firm which has been facing insolvency proceedings, shall proceed.
The apex court had earlier directed JAL to deposit Rs2,000 crore with the apex court Registry. So far, the real estate firm has deposited Rs750 crore.